This paper tests the hypothesis of difference stationarity of macro-economic time series against the alternative of trend stationarity, with and without allowing for possible structural breaks. The methodologies used are that of Dickey and Fuller familiarized by Nelson and Plosser, and that of...

A mean-reverting model is often used to capture asset price movements fluctuating around its equilibrium. A common strategy trading such mean-reverting asset is to buy low and sell high. However, determining these key levels in practice is extremely challenging. In this paper, we study the...

Purpose: There are two opposite views about whether the Antitrust Law is conducive to the development of the economy. One view is that the Antitrust Law can restrain monopoly, maintain market competition and benefit economic growth. The other view is that the Antitrust Law inhibits innovation...

Surveys have shown that, in general, developing countries tend to regulate the set-up processes for firms more intensively than developed countries. In particular, while many developing countries tend to integrate licensing requirements in the set-up process ('set-up licensing'), the more...

This paper estimates the causal impact of China's targeted poverty alleviation program on the academic achievement of students from poor households. We use the longitudinal academic records of a cohort of students from all middle schools in a nationally designated poor county in China. Using the...

Freedom of choice is often thought to improve efficiency. We experimentally investigate the effect of giving workers a choice between compensation schemes with and without a CSR component (CSR/NoCSR) on labor market participation decision and work performance, compared to the alternative of...

Data analysts often prefer access to data in the form of original tuples(i.e., microdata), instead of pre-aggregated statistics, since the former offers advantages in information flexibility and availability. Two problems should be addressed before releasing microdata. First, individual's...